Technical analysis

CADCHF Wave Analysis 30 April, 2021

• CADCHF broke resistance level 0.7370

• Likely to rise to resistance level 0.7500

CADCHF continues to rise after the earlier breakout of the resistance level 0.7370 (former support from March – which stopped the previous waves B and A).

The breakout of the resistance level 0.7370 coincided with the breakout of the 38.2% Fibonacci correction of the previous ABC wave (A).

Given the multi-month uptrend – CADCHF is likely to rise further toward the next resistance level 0.7500 (which stopped the previous sharp (C)-wave in March).

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